Reserve Bank of Peru

February 9, 2018

In each of the last three years, Peruvian CPI inflation has hovered in the lower half of the 1-3% target, and such was at 1.25% last month with a 2.0% underlying core rate. Economic growth is expanding at less than its potential trend. Expected inflation is still creeping lower. Monetary policy officials have accordingly been loosening their policy stance, cutting such by 25 basis points each last May, July, September, November and January. Following this pattern of rate cuts at alternate monthly meetings, officials left the policy interest rate unchanged at 3.0% at yesterday’s review and explained their latest thinking in a released statement.

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